Abstract: A melt of an iron-based rare earth material alloy, represented by (Fe1-mTm)100-x-y-zQxRyMz, is prepared, wherein T is Co and/or Ni; Q is B and/or C; R is selected from Y (yttrium) and the rare earth elements; M is selected from Al, Si, Ti, V, Cr, Mn, Cu, Zn, Ga, Zr, Nb, Mo, Ag, Hf, Ta, W, Pt, Au and Pb; 10≦x≦30 at %; 2%≦y<10 at %; 0≦z≦10 at % and 0≦m≦0.5. The melt is fed onto a guide to form a flow of the melt thereon and move the melt onto a melt/chill roller contact region, where the melt is rapidly cooled by the chill roller to make a rapidly solidified alloy. An oxygen concentration of the melt yet to be fed onto the guide is controlled at about 3,000 ppm or less in mass percentage.